Tapestry beats quarterly income expectations on regular purse demand By Reuters

(Reuters) -Coach dad or mum Tapestry (NYSE:) beat Wall Avenue expectations for fourth-quarter income, helped by strong demand for its widespread Tabby purses.

The corporate’s shares rose 8% in premarket buying and selling.

Demand for stylish high-end luggage, attire and equipment from higher-income customers has held up for just a few luxurious firms within the face of a world slowdown in spending.

© Reuters. Tapestry Inc. logo and trading information are displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., June 13, 2018. REUTERS/Brendan McDermid/ File Photo

Tapestry has banked on Tabby shoulder luggage from the Coach household to drive extra full-price gross sales at its shops, whilst the opposite two names below its umbrella, Stuart and Kate Spade, wrestle with weak demand in China and the U.S.

The corporate reported internet gross sales of $1.59 billion for the quarter, in contrast with estimates of $1.57 billion, in response to LSEG information.